Comment
Singapore’s aerospace supremacy
February 1st 2016
The reasons for Singapore’s success as the region’s primary aerospace hub are no mystery. Read More »
Its technical talent pool, nurtured by an excellent education system and a strong emphasis on science at its universities, provides a skilled workforce for every sector of the industry.
As well, Singapore is politically stable and English is widely spoken. Its laws enshrine protection for intellectual property and its legal and financial system is business friendly.
Government operates with a minimum of red tape for business start-ups. The Economic Development Board offers a broad range of incentives to support businesses in their development.
And, of course, Changi International Airport is the almost perfect hub. It connects Singapore to the world while always expanding its facilities to keep ahead of demand.
As a result, especially as Seletar Aerospace Park has come on line, is that the city has attracted virtually all of the world’s major aviation manufacturers to its shores. It also has welcomed global leaders in airline logistics and components supply, training and Research and Development.
In essence, Singapore has become a magnet for the best aerospace has to offer worldwide. The manufacturers who have spent billions setting up subsidiaries in the city represent a who’s who of the global industry.
As the Civil Aviation Authority of Singapore (CAAS) puts it, Singapore “promotes an environment where enterprises thrive, ideas flourish and innovation prevails. It supports the introduction of new aviation technology, products and processes and works with the industry to develop and enhance its capabilities. It is our intent to maintain a robust and progressive regulatory framework to support the growth of the industry.”
By 2030, Asia will have a middle class of 2.5 billion people. Whatever economic issues confront the region, there is no doubt that aviation will grow and with it the need for industry expansion.
Singapore’s aerospace sector, which has recorded average annual growth of 10% in the last two decades, and is predicted to earn $9 billion this year, remains ever competitive and is garnering all opportunities to increase its dominance as an aerospace hub.
Other governments in the region would do well to examine Singapore’s achievements if they want to develop aerospace industries to a standard that will challenge the Lion City’s supremacy. In the meantime, annual earnings of $9 billion are nothing to be sneezed at. Well done, Singapore.
